苹果：iPhone稳住C位，AI何时露真容？

Overall Performance - The company reported Q4 FY2025 revenue of $102.5 billion, a year-over-year increase of 7.9%, aligning closely with market expectations of $102 billion [1][11] - Gross margin improved to 47.2%, up 1 percentage point from the previous year, exceeding market consensus of 46.6% [1][17] - Operating profit reached $32.4 billion, reflecting a 9.6% year-over-year growth, driven by revenue increase and margin improvement [21] iPhone Performance - iPhone revenue for the quarter was $49 billion, a 6.1% year-over-year increase, slightly below market expectations of $49.3 billion [1][24] - The growth in iPhone sales was primarily driven by the launch of the iPhone 17 series and demand from emerging markets [24][26] - The average selling price of iPhones was approximately $837, reflecting a 1.4% year-over-year increase [26] Other Hardware Performance - Mac revenue grew by 12.7% year-over-year to $8.7 billion, benefiting from strong sales of the MacBook Air [2][29] - iPad revenue remained flat at $7 billion, impacted by high year-ago comparisons due to the previous year's iPad Air/Pro launches [2][31] - Revenue from wearables and other hardware was $9 billion, a slight decline of 0.3%, but better than market expectations [2][33] Software Services - Software services revenue was $28.8 billion, up 15.1% year-over-year, surpassing market expectations of $28.2 billion [2][35] - The software services segment maintained a high gross margin of 75.3%, contributing 45% of the company's total gross profit [36] Regional Performance - The Americas accounted for 43% of total revenue, with a year-over-year growth of 6.1% [2][15] - The Greater China region was the only area to experience a revenue decline of 3.6%, primarily due to delays in product launches [2][15] Future Outlook - The company expects revenue growth of 10-12% for the next quarter, driven by strong iPhone sales [4][5] - Anticipated gross margin for the next quarter is projected to be between 47-48%, benefiting from reduced tariffs on products manufactured in China [4][19]